Saturday, December 29, 2012

A Little Trick to Save Wisely

Saving can be tough! You get a paycheck, pay your bills, and maybe you have a few dollars left. It can be tempting to quickly spend what is left sitting in your account. Or maybe you receive a bonus or a monetary gift. You want to save it, ...but oh those shoes look oh so nice.

I started a transfer plan within out bank accounts a few years back. It helps us to keep our money saved as opposed to spent!

This is what we did. We created automatic transfer savings plans. An Automatic Savings Plan allows you to maximize your savings by having a fixed amount of money regularly transferred from your linked checking account to another account. For example, we have a "rainy" day account. We also have college accounts set up for our children.

So each month, a set amount automatically goes into other accounts. This way, I do not have to make any kind of effort to make sure that I am saving, it just happens!

It would also be a great tool if you are say, saving for something special. Maybe a vacation or a new computer.

Happy Saving!!

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